Smart Parking Limited · ASX:SPZ
Smart Parking — H1 2013 Earnings Presentation
23 slides from Smart Parking's earnings presentation, February 2013
Slide 1: Results Presentation Feb 2013
For personal use only Results Presentation Feb 2013
Slide 2: Changes to Company Structure
For personal use only Changes to Company Structure • Paul Collins resigned as CEO and from the board • Paul Gillespie appointed CEO and appointed to the board • Previous position – General Manager Parking ACS UK a division of Xerox Corporation • 11 years experience in Management and Sales in the UK
Slide 3: Financial Update
For personal use only Financial Update
Slide 4: Financial Summary
For personal use only Financial Summary • Seeing benefits of restructuring and technology roll out in the UK – significant improvement in adjusted EBITDA compared with first 6 months post acquisition. • Gross margin appreciation in both the technology and parking management business. • The upside fr
Slide 5: Group Financial Performance
For personal use only Group Financial Performance ($000’s) 2013 H1 2012 H2 Revenue 11,605 11,285 EBITDA (1,635) (14,638) EBITDA Excluding (347) (2,276) One Offs • 2013 H1 one-offs: • An impairment charge on receivable from TCP vendor of $0.5m • Restructuring and non recurring costs of $0.4m • Legacy
Slide 6: Financial Performance – Technology business
For personal use only Financial Performance – Technology business ($000’s) 2013 H1 2012 H2 2012 H1 Revenue 1,430 1,662 1,144 Adjusted EBITDA (646) (737) (878) • The upside from restructuring yet to be fully reflected in results.
Slide 7: Financial Performance – Parking Management (UK)
For personal use only Financial Performance – Parking Management (UK) % ($000’s) 2013 H1 2012 H2 Change Revenue 10,420 10,330 1% Adjusted EBITDA 454 (563) 180% • $1m turnaround in EBITDA. • The upside from restructuring yet to be fully reflected in results.
Slide 8: Group Financial Position
For personal use only Group Financial Position ($000’s) Dec 2012 Jun 2012 Current Assets 16,208 20,294 Non Current Assets 10,992 11,748 Total Assets 27,130 32,042 Current Liabilities 9,557 12,154 Non Current 188 - Liabilities Total Equity 17,385 19,888 • Cash balances $4.0m (excl cash collected on b
Slide 9: Group Working Capital
For personal use only Group Working Capital ($000’s) Dec 2012 Jun 2012 Working Capital 6,651 8,140 Working Capital Ratio 1.7 1.7
Slide 10: Use of Funds
For personal use only Use of Funds • Fixed asset additions relates ($000’s) (AUD) mainly to the roll out of Opening cash 10,973 technology in the UK. • Current cash on hand excluding Fixed asset additions (1,233) client funds is $4.0m. • Smart Parking collects/counts Restructuring (352) cash on beha
Slide 11: Technology Division
For personal use only Technology Division
Slide 12: Restructuring Initiatives
For personal use only Restructuring Initiatives • Reduced general staff cost by $0.5m • Increased spend on R&D staff by $0.3m • Moving to new offices in Auckland • Moving sales/marketing and support functions to Auckland • Sub leasing part of Cambridge office • Review of all maintenance and Data cha
Slide 13: New Sites
For personal use only New Sites • 480 bay Pay by Plate installation -- Farmers Retail Centre in Hamilton, NZ. • 1,400 bay sensor site with SmartRep Reporting -- New Plymouth District Council, NZ. • 400 sensor expansion at retail centre The Base Hamilton, NZ (now 2,600 bays installed in total). • 200
Slide 14: Resellers
For personal use only Resellers • All existing reseller/distribution agreements are under review by the Company • Technology continues to generate interest and various demonstration sites and trials underway: • Netherlands (demonstration site) • South Korea (demonstration site) • France (Lyon, pilot
Slide 15: R&D Update
For personal use only R&D Update • Development of new RFID sensor on track with trial site installed • New flat sensor development completed and being used for San Francisco Trial • New low profile stick on sensor completed and first site been installed in the UK
Slide 16: Results Presentation February 2013
For personal use only Results Presentation February 2013
Slide 17: Operations
Operations For personal use only Recruited a new Operations Manager responsible for improving quality, standardising operating procedures and driving regional profitability Continued focus on costs, significant reduction in overheads during the last 6 months Outsourced cash collection to reduce risk
Slide 18: Property
Property For personal use only Heads of Terms agreed for a new office in Central England. This will provide a base for our national Sales, Installation and Maintenance and Operational teams Sales and lease back completed for Oldham property, one further property for sale and another subject to a Com
Slide 19: Technology
Technology For personal use only Significant investment (£1.3m post acquisition) in new technology Automated Number Plate Recognition (ANPR) technology installed across 79 sites 28 new sites targeted for completion during HY2 2012/13 350 hand held devices rolled out to replace manual tickets Rolled
Slide 20: Technology
Technology For personal use only Sensor trial complete with Westminster City Council, procurement process now underway http://www.bbc.co.uk/news/uk-england-london-19732494 Sensor trial will commence with Birmingham City Council in February 2013 Sensor trial will commence in Ijsselstein (Holland) in
Slide 21: Systems
Systems For personal use only New accounting system implemented and introduced P&L reporting for all car parks All costs are now allocated to each car park Visibility of car park, client and regional profitability Shared Services, Installation and Maintenance staff costs now allocated by car park In
Slide 22: Clients
Clients For personal use only Focus on retaining clients by improving service and introducing new functionality with technology Documenting commercial and contractual arrangements Completed client profitability analysis and where possible renegotiating unprofitable arrangements Improved our reportin
Slide 23: Sales and Marketing
Sales and Marketing For personal use only Rebrand completed New Smart Parking corporate identity launched focused on technology and innovation Web site live http://www.smartparking.com/ Physical rebrand (signage and PCN collateral) underway, due to complete by April UK and European Sales and Marketi